Australia's biggest lenders are bracing for another year of pain as the fal...
SYDNEY - Australia’s biggest lenders are bracing for another year of pain as the fallout from a string of scandals shows no sign of letting up following a blistering public inquiry into financial sector misconduct.
“The pressure will be on earnings for quite some time, and we can’t quite see where they will attain earnings growth from, and hence dividend growth, in the near term.” Credit Suisse wrote in a client note earlier this month that capital spending at Australian banks has been pushed out by more than 12 months due to urgently needed investment in risk and compliance.The main index of Australian financials is down 6% since the beginning of the hearings in March 2018, lagging the 10% gain enjoyed by U.S. rivals or the 2% decline for peers in Britain.
For Westpac, that culminated in a November lawsuit from AUSTRAC, accusing it of failing to report 23 million suspect transactions, including payments between known child sex offenders. That prompted the company’s CEO to leave and its chairman to bring forward his retirement.
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